US Banking Committee Approves Jerome Powell‘s Candidacy

WASHINGTON, NNC - Jerome Powell's path to become chairman of the United States (US) central bank or The Federal Reserve (Fed) will be smoother after the US Senate Banking Committee approved his candidacy on Tuesday local time or Wednesday (12/6/2017).

The Banking Committee sent Powell's candidacy to the Senate to be voted in the ballot.

The committee approved Powell's nomination with a 22-1 vote.

Senator Elizabeth Warren expressed her concern that Powell might loosen financial regulation, after he takes the job as chairman of the Fed.

Xinhua reported, there was no date for a vote on his candidacy in the full Senate, where he could easily win enough support such as a vote on Tuesday (5/12).

Powell, currently a member of the Fed's Board of Governors, was nominated by President Donald Trump in November to replace chairman Janet Yellen, whose term expires in February 2018.

At the confirmation hearing, Powell said he would support the central bank to gradually tighten its monetary policy, while reducing the regulatory burden on some financial institutions.